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SEC Report Asserts Cryptocurrency Tokens Are Securities Under US Law

by Morgan Lewis on

The SEC’s published report of its first investigation focused on tokens sold in the context of an ICO sets the framework for future token offerings and raises red flags and legal hurdles to the resale or transfer of...more

Not a Token Gesture: Compensating Service Providers with Virtual Property

by Morrison & Foerster LLP on

Questions surrounding the use of virtual currencies and other digital tokens (“tokens”) as compensation came to the forefront last month following formal guidance from the U.S. Securities and Exchange Commission (“SEC”) on...more

AFRICA - A Legal Guide for Business Investment and Expansion: Tunisia

1. What role does the government of Tunisia play in approving and regulating foreign direct investment? The Tunisian government places a priority on attracting foreign direct investment. The Tunisian government...more

News Round Up - August 2017

by Morrison & Foerster LLP on

SEC Permits Draft Registration Statements for All Initial Public Offerings and Direct Listings - On June 29, 2017, the Securities and Exchange Commission (SEC) announced that the Division of Corporation Finance will permit...more

Tax Talk: Volume 10, Issue 2

by Morrison & Foerster LLP on

EDITOR’S NOTE - With the failure of health care legislation to “repeal and replace” the Affordable Care Act, eyes in Washington, D.C. are now turning to tax reform. Since Congress plans to take August off, any real tax...more

Two Recent Decisions Demonstrate Continued Disagreement Over Whether Economic Value or Face Amount of Liens Is Appropriate Metric...

by Jones Day on

The ability of a trustee or chapter 11 debtor in possession ("DIP") to sell bankruptcy estate assets "free and clear" of liens on the property under section 363(f) of the Bankruptcy Code has long been recognized as one of the...more

AFRICA - A Legal Guide for Business Investment and Expansion: Tanzania

1 .What role does the government of the United Republic of Tanzania play in approving and regulating foreign direct investment? The government plays an active role in approving and regulating foreign direct investment....more

The Guide to Social Media and the Securities Laws

The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper. This Guide...more

SEC Adopts Rules to Enhance Adviser Reporting

by Foley Hoag LLP on

Recently enacted SEC rules have imposed several amendments to Form ADV that advisers should be aware of, and which will apply to all Form ADVs filed after September 31, 2017 (for most advisers with a December 31-year end, the...more

Confidentially Speaking, This Could be a Big Deal: The Commission’s Approach to Confidential Submissions

Even amidst all the other news crowding the headlines these days, it would be hard to miss the many stories discussing the U.S. initial public offering (“IPO”) market. By now, the trends are well-reported. Many promising U.S....more

Grecian Magnesite Mining v. Commissioner: Foreign Investor Not Subject to US Tax on Sale of Partnership Interest

by McDermott Will & Emery on

In a long-awaited decision, the Tax Court recently held that gain realized by a foreign taxpayer on the sale of a partnership engaged in a US trade or business was a sale of a capital asset not subject to US tax, declining to...more

Securities Rules for Private Equity Financings

by Hinshaw & Culbertson LLP on

In order to sell securities (notes, common stock, preferred stock, membership interests in an LLC), a company must either register the sale under federal and state securities laws or find an exemption from such registration...more

SEC Report on ICOs and Token Sales – “If It Sounds Too Good to be True…”

by Foley Hoag LLP on

On July 25, 2017, the SEC issued an investigative report to advise those who have used or may consider using a virtual organization or capital raising entity that uses distributed ledger or blockchain technology to facilitate...more

The Financial Report, Volume 6, Number 15

by DLA Piper on

Discussion and Analysis - As elementary and middle-school students, we always hoped that our regular teachers would be absent and that we would be supervised by a “substitute teacher.” The normal rules of the classroom...more

New FASB Revenue Recognition Standard-Revenue from Contracts with Customer

by Thomas Fox on

We are now less than six months away from a new Revenue Recognition standard which may significantly impact the compliance profession, compliance programs and compliance practitioners going forward....more

The Distinction Between Partnership Debt and Partnership Equity

by White & Case LLP on

Insights and strategies in a rapidly changing area for taxpayers who want to be characterized as partners for tax purposes but want an investment that economically is very close to debt. Much ink has been spilled on the...more

What’s Next in Foreign Direct Investment for the Carolinas?

by Nexsen Pruet, PLLC on

Forget the “summer slump” – the summer of 2017 has been one for the books when it comes to foreign investment in the Carolinas. At the end of June, South Korean conglomerate Samsung made a monumental decision to locate an...more

The Markets in Financial Instruments Directive II – the UK Rules for Investment Managers

by Goodwin on

Separate account managers and fund managers in the EU will need to comply with the regulatory rules under the new Markets in Financial Instruments Directive (MiFID II) with effect from 3 January 2018. There has been...more

Extension of the PSC regime to Scottish Limited Partnerships – are you ready?

by Hogan Lovells on

The PSC regime is not new, having created obligations on UK limited companies and UK LLPs (LLP) to maintain a register of persons with significant control (PSC) since June 2016. What is new, and is of significance to private...more

Delaware Authorizes Stocks on Blockchain

On July 21st, Delaware Governor John Carney Jr. signed SB 69 into law. SB 69 amends the Delaware General Corporation Law (“DGCL”) to explicitly authorize the use of distributed ledger technology in the administration of...more

AFRICA - A Legal Guide for Business Investment and Expansion: Kenya

1. What role does the government of Kenya play in approving and regulating foreign direct investment? There is no regulation on foreign direct investment in Kenya except in specific sectors where state corporations have a...more

Blog: Q2 2017 Quarterly VC Update: Hans Tung on the State of Venture Capital Investing

by Cooley LLP on

In conjunction with our Q2 Venture Financing Report, I sat down with Hans Tung managing partner at GGV Capital, to get his take on the current state of venture capital investing. A few highlights from Hans: On...more

Non-Public Review of Registration Statements

by King & Spalding on

On July 10, 2017, the SEC’s Division of Corporate Finance started accepting confidential submissions for draft registration statements for all initial public offerings (IPOs) for non-public review. Previously, in connection...more

Extension to UK sanctions reporting requirements

by DLA Piper on

On 8 August 2017 new regulations will come into effect in the UK imposing enhanced sanctions reporting obligations on professional service providers. There are some variations across the regimes, but in general the...more

The Monetary Authority of Singapore Clarifies Its Treatment of Token Offerings - To Regulate or Not to Regulate? – That Is No...

by Morrison & Foerster LLP on

In a press release issued on Tuesday, August 1, the Monetary Authority of Singapore (“MAS”) provided its most direct guidance yet on how it intends to treat “token offerings.” For those looking for concrete rules,...more

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